Paypal has added a new withdrawal options for users in Malaysia – straight to your Malaysian bank accounts. Finally, after all these years, this Paypal withdrawal method is available for Malaysians. No more fuss on opening a US bank account, finding the right debit card to withdraw your funds and NO MORE MISERY!

Accepting Paypal payments is a very critical “ingredient” when selling online and on eBay, and this news will certainly “rock” the Malaysian online sellers . When Paypal first opened its doors in Malaysia (back in 2003 or 2004), Malaysians can only withdraw their Paypal funds to a US bank account. So it was a tedious process, not to costly.

Later, in 2007, Paypal allows fund withdrawals to Visa debit cards (and credit cards), but it was still a hassle as there weren’t that many banks that offer a Visa debit card that can be used online.

So finally, October 2009, Paypal withdrawals in Malaysia can finally be made to a Malaysian bank account.

A few technical infos:

1. The Paypal withdrawal can be made to the following bank accounts:
   • Affin Bank
   • Alliance Bank
   • Ambank
   • Bank Islam Malaysia
   • Bank Kerjasama Rakyat (Bank Rakyat)
   • Bank Muamalat
   • Bank of America
   • Bank Simpanan Malaysia (BSN)
   • CIMB Bank
   • Citibank
   • Deutsche Bank
   • EON Bank
   • Hong Leong Bank
   • HSBC Bank Malaysia
   • Malayan Banking Berhad (Maybank)
   • OCBC Bank
   • Public Bank
   • RHB Bank
   • Standard Chartered Bank
   • The Royal Bank of Scotland (RBS)
   • United Overseas Bank

   the major banks in Malaysia are in Bold
   
   

2. There is a fee for Paypal wihdrawal to a Malaysia bank account:
   • RM3.00 if withdrawal amount is LESS than RM400.00
   • FREE if withdrawal amount in MORE than RM400.00
3. The money will be deposited in your bank account in 2-3 working days (not including Saturday, Sunday and bank holidays). Much faster & cheaper than withdrawal to Visa debit card (or credit card) which takes 5-7 working days and costs RM20.
4. When adding your bank account to Paypal, a MEPS bank routing code is required. No worries, click on the link that says “Details” right next to the blank and a pop-up list of the bank routing code will appear.

With this news, there shouldn’t any more problems with accepting Paypal payments when selling online, for Malaysians especially